CAP, a Prodigious Stablecoin Protocol, shared on Monday that it had raised $ 11 million in funding from renowned financial institutions, notably Franklin Templeton and Triton Capital.
Total funding – announced at the end of a recent 8 million dollar seed tower – will be used to develop the Cape Stablecoin engine, which is expected to be launched later this year. CAP has raised $ 3 million in a previous financing round.
Stablecoins are a type of cryptocurrency whose value is directly linked to another asset, such as the US dollar. The CAP system is built so that users can generate passive interest – or yield – on tokens.
Cap “takes advantage of a collective of operators with skills specializing in the generation of elements to democratize the performance previously unexploited by the masses,” said Cap Labs in a press release.
“This return is not based solely on crypto-native sources such as arbitration of the financing rate and token agriculture, but also on the expertise of traditional institutions such as HFT companies, private credit funds and other companies capable of grasping a large-scale return.”
According to the press release, CAP will offer users the possibility of gaining additional return thanks to replenishment protocols like Eigenlayer. The replenishment protocols allow people to set up – or lock themselves – guarantees to secure blockchain protocols in exchange for rewards.
CAP financing news occurs at a time when the stablecoins are becoming extremely popular, with the bank giant Fidelity, the Financial World Liberty of President Trump, and the state of Wyoming sharing their intentions to create their own stablecoins and the US Congress focusing on the success of stable legislation.
Read more: Stablecoin’s market capitalization exceeds $ 200 billion as the United States sees industry helping maintain the domination of the dollar
